Substack

“And I do have to say, I think the, like, pattern of people being duped To think, like, equity is gonna be worth something in the vast majority of cases is very sad, so. I got very mad when, like, Substack tried to convince its writers to invest in Substack, be…”

“The trust, our trust nodes are just fragmenting and they're, we, this has been the trend we trust. You know, sub stack writers and individual publications and our friends in addition to in some cases, you know, more legacy publications.”

“They have 50 people, more than 50, who make more than a million dollars a year, and they get 10% of their revenue.”

“The only way they can have a competitive edge long-term is if they become a closed loop, effectively advertising for newsletters, right?”

“And the problem is, is, like, those are, that's shared infrastructure, but just shared infrastructure, and it's too easy to copy, right? And so, like, there's just, like, no margin long-term in it.”

“This is one of the really strong anti-substack theories, which is like, you can't as an individual support these lawsuits. Like you can't afford it. It's actually quite expensive to be in the news gathering. It isn't quite risky. And so if you're going to do i…”